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Lecture Microeconomics: Chapter 15 - Besanko, Braeutigam

Chapter 15 - Risk and information. This chapter presents the following content: Introduction (Amazon.com), describing risky outcome – basic tools, evaluating risky outcomes, avoiding and bearing risk. | Chapter 15 Risk and Information Copyright c 2014 John 1 Chapter Fifteen Overview 1. Introduction Amazon.com 3. Describing Risky Outcome - Basic Tools Lotteries and Probabilities Expected Values Variance 5. Evaluating Risky Outcomes Risk Preferences and the Utility Function 6. Avoiding and Bearing Risk The Demand for Insurance and the Risk Premium Asymmetric Information and Insurance The Value of Information and Decision Trees Copyright c 2014 John I u Chapter Fifteen H m E 2 Tools for Describing Risky Outcomes Definition A lottery is any event with an uncertain outcome. Examples Investment Roulette Football Game . Definition A probability of an outcome of a lottery is the likelihood that this outcome occurs. Example The probability often is estimated by the historical frequency of the outcome. i Chapter Flfteen M ---3---- Copyright c .